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| Exchange Disseminated Time | The Exchange has sought clarification from Financial Technologies (India) Ltd with respect to the disclosure made by the Company on November 26, 2014, which stated, "Financial Technologies (India) Ltd. ("FTIL") entered into a Share and Warrant Purchase Agreement with Dr. Rakesh Jhunjhunwala and separate Warrant Purchase Agreements with M/s. Edelweiss Financial Services Limited, M/s. Trust Investment Advisors Pvt. Ltd. Ms. Viral A. Parikh, M/s. Nemish S. Shah H.U.F., M/s, Derive Investments, Mr. Kalpraj Dharamshi, Mr. Dhanesh Sumatilal Shah, Mr. Uday Shah, Ms. Madhuri Kela, Ms. Renuka Shah, M/s. SKS Capital & Research Pvt. Ltd. and Ms. Madhu Vadera Jayakumar for sale of its 100% stake in MCX-SX comprising of 2,70,00,000 equity shares and 56,24,60,000 warrants for an aggregate consideration of Rs. 88.419 Crores. The said transaction is subject to fulfillment of certain condition precedents including regulatory approvals. Post completion of the above said transaction, the Company would have completely exited MCX-SX."
It is observed from an earlier disclosure made by your company dated August 25, 2014, wherein the company had forwarded the copy of the letter issued by MCX-SX with a subject "Sale of Shares & Warrants held in MCX-SX". The letter inter-alia stated that Board of MCX-SX had decided to treat the warrants held by FTIL, as extinguished……. and the Board decided to transfer an amount of Rs. 56.246 cr standing as non-refundable interest free deposit against such warrants to the capital reserves" and the company had inter-alia stated that the company was "…examining the same and will take appropriate steps in due course of time and in the best interest of 60,000 plus shareholders and stakeholders of the Company."
In view of the above disclosures made on August 25, 2014, you are requested to clarify :
1) What is the further update on the issue, since more than 2 months have lapsed since the event and
2) how 'extinguished warrants' were sold to the investors mentioned in the disclosure dated November 26, 2014 and the legality of the said action by you
The reply is awaited. |
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